The Daily Hit is a recap of the top financial news stories for March 25, 2024.
On the Site
MSO Standard Wellness acquires Utah competitor
Ohio-based Standard Wellness Holdings LLC acquired one of its competitors in Utah, the Cannabist pharmacy in Springville, just south of Salt Lake City, for a combination of cash and a seller note. Read more here.
Decibel to sell Prairie Records for $3M, CEO to retire
Alberta-based Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) has reached an agreement to sell its retail operation, Prairie Records, to Fire and Flower Inc., a subsidiary of FIKA, for $3 million. Read more here.
Another tribe to launch recreational marijuana sales in Minnesota
At least four Native American tribes have now announced their entry into the adult-use marijuana market in Minnesota, after the Prairie Island Indian Community recently revealed its plan to open a dispensary this summer on its reservation about an hour southwest of Minneapolis. Read more here.
Cannabis stocks get buzzed on Germany’s easing of laws
Last week, Germany’s upper house, the Bundesrat (made up of federal state delegates), passed legislation to legalize cannabis starting April 1, but with limitations. The move prompted several cannabis stocks to jump on the hope for additional revenue streams. Read more here.
Criticism grows over slow New York cannabis licensing
During Friday’s public meeting, the board moved through agenda items that included the approval of adult-use cannabis licenses, cannabis laboratory permit renewals, and enforcement regulations. But the forward movement in an oft-stalled process wasn’t enough to mollify frustrated entrepreneurs in the state. Read more here.
Auxly ups revenue to $101M, cuts losses
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) reported a financial upturn in its fourth-quarter and full-year results ending Dec. 31, 2023, finding ways to lower its losses and beef its balance sheet. Read more here.
In Other News
South Dakota
Supporters of legal cannabis are hoping the third time is a charm. The group ‘South Dakotans for Better Marijuana Laws’ is running another petition campaign across the state to once again put the issue of recreational marijuana on the ballot for voters to decide. Read more here.
Flora Growth Corp.
Flora Growth Corp. (NASDAQ: FLGC) plans to launch a cannabis home grow kit, start up material seeds and cuttings in Germany in response to the first phase of Germany’s new recreational cannabis legalization law. Read more here.
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